with a 7.5" wide wheel, a 225-50-16 all around setup with a nice tire should provide the grip you're looking for. There are plenty of nice tire choices in that size, its got just enough sidewall to be great for daily driving, yet stiff enough for mild track use. THeres also plenty of "R" compound tire available if you want to race competitively.
thumbs up on that selection. Also, using a 16" wheel will allow the use of slightly larger brakes, but still keep your rotating mass low, without having to spend a lot of money.
go for it man,-chetedit: check out the kosei K-1's, they're cheap and light and good quality, and come in the size you're looking for
